In a method of computing the overall material constant of a composite material, a virtual composite material is defined as the one that a first material component is dispersed in a form of inner spherical particles in a matrix phase and each of the inner spherical particles is enveloped by the second material component, in a form of outer shell layers, as a coating layer. Based on this, a nonlinear equation is prepared, which has the material constant of the virtual composite material as an unknown. Next, the material constant of the virtual composite material is computed by solving the equation. In the equation, the material constant in each of the surrounding areas of the outer shell layers coating the inner spherical particles is defined as the overall material constant of the virtual composite material to be computed. The volume fractions of the material components in the composite material are computed using the equation.